Bitcoin price drops nearly 10% in 24 hours, dips below $60,000

Quick Take

  • The price of bitcoin has declined nearly 10% in the last 24 hours.
  • It fell below $59,000 but has since rebounded slightly.

The price of bitcoin has declined nearly 10% in the last 24 hours, dipping significantly below $60,000 before bouncing back.

The drop seems to be triggered by the infrastructure bill signed by U.S. President Joe Biden yesterday, Darius Sit, co-founder of crypto trading firm QCP Capital told The Block. The bill includes tax reporting provisions that require crypto exchanges to report information to both the Internal Revenue Service (IRS) and to their customers, including capital gains.

Sit said the market is using the infrastructure bill news "as an excuse to take profit after trading all-time highs across the board." The action wasn't unexpected, Sit added, because "leverage levels were pretty high as well."

Bitcoin is currently trading at around $60,400, according to TradingView. It hit a high of over $66,000 yesterday. The price of ether (ETH), the second-largest cryptocurrency, has also dropped over 7% in the last 24 hours and is currently trading at around $4,200.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Overall, the market cap of the entire crypto market has fallen around 10% in the last 24 hours to around $2.72 trillion, according to CoinGecko.

The macro-environment also looks "a little shakey" with high levels of inflation, according to Sit. U.S. inflation hit a three-decade high last month as prices surged to 6.2%.

For more breaking stories like this, make sure to follow The Block on Twitter.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.